AGREEMENT TO SELL SHARE IN PARTNERSHIP
THIS AGREEMENT OF SALE is made the ______ day of ____________ in the year 20____,
BETWEEN Shri ____________________, aged about ______ years, son of ____________________, resident of ____________________________________ (hereinafter called the "Seller") of the one part;
AND Shri ____________________, aged about ______ years, son of ____________________, resident of ____________________________________ (hereinafter called the "Purchaser") of the other part.
WHEREAS the Seller and the Purchaser, under a deed of partnership dated ____________, were and are till date partners in the business known as ____________________, run on and from ____________;
AND WHEREAS the Seller was the financing partner, and all machinery, tools and finances, including the premises in which the firm and factory were housed, belonged to and had been provided to the partnership by the said Seller;
AND WHEREAS the Seller is desirous of retiring from the said business, and the Purchaser, although keen to purchase the share of the Seller, has no finances immediately available to do so.
NOW, THEREFORE, THIS AGREEMENT WITNESSES as under:
1. That the Seller and the Purchaser have together valued the assets and liabilities, book debts, credits, stocks, outstandings, goodwill and the market value of the premises in which the business and factory are housed; and both are agreed that the share of the Seller in the said partnership is of the value of Rs. ____________, as detailed below:
Seller's share in the goodwill: Rs. ____________
Seller's share in the remaining assets, after taking into account all liabilities: Rs. ____________
Value of the building and premises: Rs. ____________
Total: Rs. ____________
2. That by this deed the partnership existing between the Seller and the Purchaser, under deed of agreement dated ____________, is hereby dissolved, and no party owes to the other anything in regard to the said dissolved partnership. All book debts and credits, whether due from the partnership or by the partnership, shall on and from the date hereof be paid or realisable by the Purchaser, who assumes full responsibility and acquires full rights thereto. The Seller shall not have to pay, nor have the right to realise, any sums of money due from or to the partnership.
3. That by virtue of this agreement the Purchaser acquires the right to purchase, free of all encumbrances, and the Seller shall be bound to sell, free of all encumbrances, his entire share in the said dissolved partnership, at the agreed price of Rs. ____________, in the manner and within the period hereinafter agreed.
4. That in consideration of this agreement, the Purchaser has this day paid to the Seller the sum of Rs. ____________, which sum the Seller hereby acknowledges as having received; and the balance, amounting to Rs. ____________, the Purchaser shall pay in instalments of Rs. ____________ every month, on or before the 15th of each month, till final liquidation. The entire sum is to be liquidated not later than two years from the date hereof.
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